DIF BOnd Authorization (staff report) 3-10-11 (FINAL) — File 190988

Assembly Row DIF Bond Authorization March 10, 2011 Page 8 City Hall, 93 Highland Avenue, Somerville, MA 02143 • [phone removed] x 2500 FAX [phone removed] Figure 4: Comparison of Revenues and Debt Service Projections for FY2012-2043 ** Data subject to change. The above debt service projection assumes the issuance of $15 million in net proceeds on or about September 1, 2011 at current interest rates and $10 million net on or about April 1, 2013 at current interest rates plus 50 basis points. Payment of principal is delayed until FY2015. While the DIF statute allows floating Bond Anticipation Notes for up to five years, First Southwest recommends against this scenario because long-term interest rates are projected to increase over the next few years. An interest rate increase to 6% could potentially add over $2 million to the financing costs. All told, DIF revenues will exceed projected debt service by approximately $30 million over the lifetime of the DIF. As indicated in the public hearings for adoption of the DIF District, in future years, the Mayor and the Board of Aldermen together with the DIF Governing Body can determine whether these excess funds should be returned to the City’s General Fund. If any new projects are identified that warrant expenditure of DIF tax increment, the adopted DIF Plan will need to be revised, including a public hearing, vote by the Board of Aldermen, and approval by the EACC – the same process followed for the original adoption. Recommendation It is recommended that the Board of Aldermen authorize the issuance of $25.75 million in General Obligation bonds for the Assembly Row DIF to expedite infrastructure and private development in Assembly Square. Attachments Attachment 1: DIF Projected Valuation Increase FY2012 through FY2040 Attachment 2: Detailed Description of Expenditure Components Attachment 3: Comparison of Revenues and Debt Service Projections for FY2012-2043 Attachment 4: Assembly Row Sources and Uses Matrix Fiscal Year Total Tax Generated Captured Tax Increment Debt Service** Incremental Services Variance Fund Balance Base Yr. FY2011 $204,532 FY2012 $249,731 $45,199 $353,565 -$353,565 $45,199 FY2013 $655,529 $450,997 $707,130 -$256,133 $45,199 FY2014 $1,712,155 $1,507,623 $1,205,778 $301,846 $347,045 FY2015 $2,273,671 $2,069,139 $1,685,440 $37,500 $383,699 $730,743 FY2016 $2,319,144 $2,114,612 $1,685,090 $38,250 $429,522 $1,160,265 FY2020 $2,510,316 $2,305,784 $1,1,686,284 $41,403 $619,500 $3,344,708 FY2030 $3,060,061 $2,855,529 $1,682,038 $50,470 $1,173,491 $12,490,713 FY2040 $3,730,197 $3,525,665 $1,688,055 $61,523 $1,837,610 $27,770,176 FY2043 $3,958,515 $3,753,983 $675,840 $65,288 $3,078,143 $34,754,119 TOTALS $90,818,176 $84,273,152 $50,128,730 $65,288 $3,078,143 $34,754,119

Attachment 1: DIF Projected Valuation Increase FY2012 through FY2040 FISCAL YEAR PROPOSED COMM. VALUE PROPOSED RES. VALUE COMM. TAXES GENERATED RES. TAXES GENERATED TOTAL TAXES GEN- ERATED CAPTURED INCREMENT IN TAX DOLLARS FY2011 BASE YR. VALUE $9,643,200 $204,532 $204,532 FY2012 $11,153,700 $249,731 $249,731 $45,199 FY2013 $14,956,260 $26,544,582 $334,871 $320,659 $655,529 $450,997 FY2014 $45,873,990 $56,708,328 $1,027,119 $685,037 $1,712,155 $1,507,623 FY2015 $60,463,458 $76,150,140 $1,353,777 $919,894 $2,273,671 $2,069,139 FY2016 $61,672,727 $77,673,143 $1,380,852 $938,292 $2,319,144 $2,114,612 FY2017 $62,906,182 $79,226,606 $1,408,469 $957,057 $2,365,527 $2,160,995 FY2018 $64,164,305 $80,811,138 $1,436,639 $976,199 $2,412,837 $2,208,305 FY2019 $65,447,591 $82,427,361 $1,465,372 $995,723 $2,461,094 $2,256,562 FY2020 $66,756,543 $84,075,908 $1,494,679 $1,015,637 $2,510,316 $2,305,784 FY2021 $68,091,674 $85,757,426 $1,524,573 $1,035,950 $2,560,522 $2,355,990 FY2022 $69,453,508 $87,472,574 $1,555,064 $1,056,669 $2,611,733 $2,407,201 FY2023 $70,842,578 $89,222,026 $1,586,165 $1,077,802 $2,663,967 $2,459,435 FY2024 $72,259,429 $91,006,466 $1,617,889 $1,099,358 $2,717,247 $2,512,715 FY2025 $73,704,618 $92,826,596 $1,650,246 $1,121,345 $2,771,592 $2,567,060 FY2026 $75,178,710 $94,683,128 $1,683,251 $1,143,772 $2,827,024 $2,622,492 FY2027 $76,682,284 $96,576,790 $1,716,916 $1,166,648 $2,883,564 $2,679,032 FY2028 $78,215,930 $98,508,326 $1,751,255 $1,189,981 $2,941,235 $2,736,703 FY2029 $79,780,249 $100,478,493 $1,786,280 $1,213,780 $3,000,060 $2,795,528 FY2030 $81,375,854 $102,488,062 $1,822,005 $1,238,056 $3,060,061 $2,855,529 FY2031 $83,003,371 $104,537,824 $1,858,445 $1,262,817 $3,121,262 $2,916,730 FY2032 $84,663,438 $106,628,580 $1,895,614 $1,288,073 $3,183,688 $2,979,156 FY2033 $86,356,707 $108,761,152 $1,933,527 $1,313,835 $3,247,361 $3,042,829 FY2034 $88,083,841 $110,936,375 $1,972,197 $1,340,111 $3,312,309 $3,107,777 FY2035 $89,845,518 $113,155,102 $2,011,641 $1,366,914 $3,378,555 $3,174,023 FY2036 $91,642,428 $115,418,204 $2,051,874 $1,394,252 $3,446,126 $3,241,594 FY2037 $93,475,277 $117,726,568 $2,092,911 $1,422,137 $3,515,048 $3,310,516 FY2038 $95,344,782 $120,081,100 $2,134,770 $1,450,580 $3,585,349 $3,380,817 FY2039 $97,251,678 $122,482,722 $2,177,465 $1,479,591 $3,657,056 $3,452,524 FY2040 $99,196,712 $124,932,376 $2,221,014 $1,509,183 $3,730,197 $3,525,665 TOTALS $2,107,843,344 $2,647,297,094 $47,194,612 $31,979,349 $79,173,961 $73,242,533

Attachment 2: Detailed Description of Expenditure Components 1. Assembly Square Drive and Associated Intersections (Anticipated cost of $12 million) Roadway improvements, including streetscape elements, are currently being constructed by MassDOT on both public and private property anticipated to be completed by June 30, 2011. A number of public and private utility improvements were constructed by FRIT prior to the commencement of the MassDOT contract. This project consists of infrastructure improvements as detailed below: Assembly Square Drive: When complete, the realigned, reconstructed, and extended Assembly Square Drive will be approximately one mile in length and will serve as the main north/south thoroughfare in Assembly Square. It will be a landscaped two-lane roadway (with additional turn lanes at prominent locations and on-street parking) accommodating bicycle lanes and pedestrian sidewalks as well as vehicular traffic. The northern section of Assembly Square Drive will be dominated by continuous street trees and a center median to create a high quality arrival experience, while the section of Assembly Square Drive between C Street and Foley Street will have a turn lane instead of a median to efficiently accommodate vehicles wishing to turn left into Assembly Row. The Assembly Square Drive work also includes the construction of a new water main as well as stormwater and sanitary sewer lines. The extension of Assembly Square Drive is being built on what is now private property. This project includes acquisition of land and infrastructure. I-93/Mt. Vernon/Lombardi /Broadway: This work includes signalization improvements at the I- 93/Mystic Avenue southbound off-ramp intersection with Lombardi Street, and at Mystic Avenue northbound to Lombardi/Mount Vernon. The existing Route I-93/Mystic Avenue southbound U-turn underpass to Mystic Avenue northbound will be signalized and interconnected with the other locations to operate as a closed-loop signal system. Pedestrian and bicycle connections between Broadway and Assembly Square will be improved, and pedestrian amenities at this location will include countdown timers. Improvements to Lombardi Street and its intersections on both sides of Route I-93 will include pedestrian signals with push buttons and L.E.D. count-down timers, and new crosswalks. An existing sidewalk on the northwesterly side of Lombardi Street will be eliminated to channel pedestrians to an improved sidewalk on the south side of Lombardi Street. This will help to address safety concerns associated with frequent and irregular pedestrian crossings along Lombardi Street between Broadway and Mystic Avenue. With these improvements in place, a continuous bicycle and pedestrian network will be provided extending from Broadway along the new one-mile Assembly Square Drive all the way to Route 28. Mystic Avenue at New Road: An inoperative traffic signal will be reactivated and outdated signal equipment will be replaced. Work will include a new traffic signal controller, new mast arm

signal, and new signal posts. New loop detectors will detect bicycles waiting at the signal. The existing crosswalk on New Road will be restriped and there will be a pedestrian signal phase with count-down timers. Underground signal conduit will extend down New Road to interconnect this signal to other signals within Assembly Square. Middlesex Avenue at Foley Street: The existing inoperative traffic signal will be replaced with a new traffic signal controller and mast arm. Existing crosswalks will be restriped, and a pedestrian signal phase including countdown timers will be installed. New loop detectors at this location will detect bicycles waiting at the signal. Route 28 at Assembly Square Drive: The intersection will be reconfigured with new striping and signage, to allow exiting left turns from a new Assembly Square Drive entrance onto Route 28. There will be new pedestrian crosswalks and pedestrian signal equipment including countdown timers. New signal phasing will allow pedestrians to cross Route 28 without being opposed by vehicular traffic. This location will operate in a coordinated manner with Route 28 at Middlesex, using a single signal. Route 28 at Middlesex Avenue: This intersection will operate with the same new signal controller noted above, and new signal mast arm supports, loop detectors, and other signal equipment will also be installed. Middlesex Avenue will be realigned to provide closer to a 90- degree intersecting angle and to maintain proper separation from Assembly Square Drive. Existing pedestrian accommodations will also be improved. New signal phasing will allow pedestrians to cross Route 28 during the exiting Middlesex Avenue phase. Pedestrian countdown timers will be provided, and new pavement markings, crosswalks, and signs will be installed. Kensington Avenue. Safety and accessibility improvements are proposed for an existing pedestrian crossing connecting the northbound and southbound segments of Mystic Avenue under Route I-93. The improvements will consist of new flashing advanced crosswalk beacons, pedestrian-scaled lighting, crosswalks, ADA ramps with sensors and signage. The beacons will only start to flash yellow once activated by a passive actuation system under which pedestrians are detected via microwave sensors. 2. Stormwater Outfall Pipeline (Anticipated cost of $3 million) A new 72- inch stormwater conduit with enough capacity to control 62 of the 87 acres of stormwater runoff in the Assembly Square drainage area will be constructed. The new 72” conduit will serve to remove existing flows to the already impacted MWRA 84-inch Somerville Marginal Conduit (SMC) that acts as a combined sewer overflow conduit during large storm events. The 72-inch conduit will extend approximately 1400 feet in length and will run from Assembly Square Drive under Foley Street to G Street. From there, the conduit will run under the MBTA- owned Orange Line/Haverhill Commuter Line and through Department of Conservation and Recreation (DCR)-owned Draw 7 Park. The conduit will discharge into the Mystic River

immediately downstream of the Somerville Marginal Conduit and the Amelia Earhart Dam. All stormwater runoff will be treated for water quality control in accordance with current DEP stormwater regulations and policy prior to discharge to the Mystic River. Mitigation was developed in coordination with the Somerville Conservation Commission and state and federal review agencies including the U.S. Army Corps of Engineers. Mitigation includes beach nourishment, shellfish habitat seeding, beach habitat enhancement, and construction of a public access fishing platform. 3. Assembly Row Mixed-Use Infrastructure and Shared Use Pathway along G Street (Anticipated cost of $10 million) The Assembly Row Mixed-Use Infrastructure and Share Use Path will provide the internal roadway network for Assembly Row. All streets will include sidewalks, landscaping, lighting, and utility improvements including domestic and fire protection water, sewer, storm drainage, natural gas, and electric services. The streets will not only provide an amenable pedestrian experience, but will allow adequate space for outdoor dining, display space, etc. On- street parking will be allowed in appropriate locations to support short term retail visits while structured parking will be provided throughout the Assembly Row site on private parcels. This project includes acquisition of land and infrastructure. The following streets are parallel to one another and extend easterly from Assembly Square Drive toward the railroad tracks and Draw Seven Park. o A Street: extending from Assembly Square Drive and terminating at Main Street along the Mystic River Park Reservation. o C Street: extending from Assembly Square Drive and terminating at G Street at the entrance to Draw 7 Park. o D Street: extending from Assembly Square Drive and terminating at a plaza turn- around on the other side of Main Street. o Foley Street: extending from Assembly Square Drive and terminating at G Street. The following streets run north/south within the District: o Main Street: Main Street intersects with A, C, D, and Foley Streets. Main Street will be the premier retail street within Assembly Row and will lead from the IKEA store to the waterfront park along the Mystic River. o G Street: G Street runs parallel to the railroad right of way. Only C Street and Foley Street intersect with G Street.

o G Street Shared Use Path: A new shared use path, 1,100 feet in length, will be constructed along the future alignment of G Street connecting the MBTA Orange Line T Station to the shared use path along the waterfront, C Street, and the entrance to Draw 7 Park. The waterfront path will be extended underneath Route 28/Wellington Bridge to provide a direct connection to the Ten Hills neighborhood and to paths extending into Medford and surrounding communities. This series of paths will provide visitors to Assembly Row and riders of the Orange Line with routes that are safe and attractive to pedestrians and bicyclist

Attachment 3: Comparison of Revenues and Debt Service Projections for FY2012-2043

Revised to show the use of Capitalized Interest (FY2012 captured increment is also capitalized) DIF PROJECTED VALUATION INCREASE FY2012 THRU FY 2043, REVISED 3/3/2011 INCREMENTAL USE OF REVISED REVISED FISCAL YEAR PROPOSED PROPOSED COMM. RES. TOTAL CAPTURED DEBT SERVICE SERVICES VARIANCE FUND BALANCE CAP I VARIANCE FUND BALANCE COMM. RES. TAXES TAXES TAXES INCREMENT IN VALUE VALUE GENERATED GENERATED GENERATED TAX DOLLARS $654,897 FY2011 BASE YR. VALUE $9,643,200 $204,532 $204,532 FY2012 $11,153,700 $249,731 $249,731 $45,199 $353,565 -$353,565 -$353,565 $398,764 $45,199 $45,199 FY2013 $14,956,260 $26,544,582 $334,871 $320,659 $655,529 $450,997 $707,130 -$256,133 -$609,698 $256,133 $0 $45,199 FY2014 $45,873,990 $56,708,328 $1,027,119 $685,037 $1,712,155 $1,507,623 $1,205,778 $301,846 -$307,852 $0 $301,846 $347,045 FY2015 $60,463,458 $76,150,140 $1,353,777 $919,894 $2,273,671 $2,069,139 $1,685,440 $37,500 $383,699 $75,846 $0 $383,699 $730,743 FY2016 $61,672,727 $77,673,143 $1,380,852 $938,292 $2,319,144 $2,114,612 $1,685,090 $38,250 $429,522 $505,368 $0 $429,522 $1,160,265 FY2017 $62,906,182 $79,226,606 $1,408,469 $957,057 $2,365,527 $2,160,995 $1,688,253 $39,015 $472,742 $978,111 $0 $472,742 $1,633,008 FY2018 $64,164,305 $80,811,138 $1,436,639 $976,199 $2,412,837 $2,208,305 $1,685,828 $39,795 $522,478 $1,500,589 $0 $522,478 $2,155,486 FY2019 $65,447,591 $82,427,361 $1,465,372 $995,723 $2,461,094 $2,256,562 $1,686,840 $40,591 $569,722 $2,070,311 $0 $569,722 $2,725,208 FY2020 $66,756,543 $84,075,908 $1,494,679 $1,015,637 $2,510,316 $2,305,784 $1,686,284 $41,403 $619,500 $2,689,811 $0 $619,500 $3,344,708 FY2021 $68,091,674 $85,757,426 $1,524,573 $1,035,950 $2,560,522 $2,355,990 $1,683,915 $42,231 $672,075 $3,361,886 $0 $672,075 $4,016,783 FY2022 $69,453,508 $87,472,574 $1,555,064 $1,056,669 $2,611,733 $2,407,201 $1,684,753 $43,076 $722,448 $4,084,334 $0 $722,448 $4,739,231 FY2023 $70,842,578 $89,222,026 $1,586,165 $1,077,802 $2,663,967 $2,459,435 $1,683,528 $43,937 $775,908 $4,860,242 $0 $775,908 $5,515,139 FY2024 $72,259,429 $91,006,466 $1,617,889 $1,099,358 $2,717,247 $2,512,715 $1,681,253 $44,816 $831,462 $5,691,704 $0 $831,462 $6,346,601 FY2025 $73,704,618 $92,826,596 $1,650,246 $1,121,345 $2,771,592 $2,567,060 $1,686,603 $45,712 $880,457 $6,572,162 $0 $880,457 $7,227,059 FY2026 $75,178,710 $94,683,128 $1,683,251 $1,143,772 $2,827,024 $2,622,492 $1,685,403 $46,627 $937,089 $7,509,251 $0 $937,089 $8,164,148 FY2027 $76,682,284 $96,576,790 $1,716,916 $1,166,648 $2,883,564 $2,679,032 $1,683,003 $47,559 $996,029 $8,505,280 $0 $996,029 $9,160,177 FY2028 $78,215,930 $98,508,326 $1,751,255 $1,189,981 $2,941,235 $2,736,703 $1,685,265 $48,510 $1,051,438 $9,556,718 $0 $1,051,438 $10,211,615 FY2029 $79,780,249 $100,478,493 $1,786,280 $1,213,780 $3,000,060 $2,795,528 $1,689,921 $49,480 $1,105,607 $10,662,325 $0 $1,105,607 $11,317,222 FY2030 $81,375,854 $102,488,062 $1,822,005 $1,238,056 $3,060,061 $2,855,529 $1,682,038 $50,470 $1,173,491 $11,835,816 $0 $1,173,491 $12,490,713 FY2031 $83,003,371 $104,537,824 $1,858,445 $1,262,817 $3,121,262 $2,916,730 $1,686,854 $51,479 $1,229,877 $13,065,693 $0 $1,229,877 $13,720,590 FY2032 $84,663,438 $106,628,580 $1,895,614 $1,288,073 $3,183,688 $2,979,156 $1,683,823 $52,509 $1,295,333 $14,361,026 $0 $1,295,333 $15,015,923 FY2033 $86,356,707 $108,761,152 $1,933,527 $1,313,835 $3,247,361 $3,042,829 $1,682,982 $53,559 $1,359,847 $15,720,873 $0 $1,359,847 $16,375,770 FY2034 $88,083,841 $110,936,375 $1,972,197 $1,340,111 $3,312,309 $3,107,777 $1,683,404 $54,630 $1,424,373 $17,145,246 $0 $1,424,373 $17,800,143 FY2035 $89,845,518 $113,155,102 $2,011,641 $1,366,914 $3,378,555 $3,174,023 $1,684,535 $55,723 $1,489,488 $18,634,734 $0 $1,489,488 $19,289,631 FY2036 $91,642,428 $115,418,204 $2,051,874 $1,394,252 $3,446,126 $3,241,594 $1,686,335 $56,837 $1,555,259 $20,189,993 $0 $1,555,259 $20,844,890 FY2037 $93,475,277 $117,726,568 $2,092,911 $1,422,137 $3,515,048 $3,310,516 $1,685,010 $57,974 $1,625,506 $21,815,499 $0 $1,625,506 $22,470,396 FY2038 $95,344,782 $120,081,100 $2,134,770 $1,450,580 $3,585,349 $3,380,817 $1,685,035 $59,134 $1,695,782 $23,511,282 $0 $1,695,782 $24,166,179 FY2039 $97,251,678 $122,482,722 $2,177,465 $1,479,591 $3,657,056 $3,452,524 $1,686,138 $60,316 $1,766,387 $25,277,668 $0 $1,766,387 $25,932,565 FY2040 $99,196,712 $124,932,376 $2,221,014 $1,509,183 $3,730,197 $3,525,665 $1,688,055 $61,523 $1,837,610 $27,115,279 $0 $1,837,610 $27,770,176 FY2041 $101,180,646 $127,431,024 $2,265,435 $1,539,367 $3,804,801 $3,600,269 $1,685,998 $62,753 $1,914,272 $29,029,551 $0 $1,914,272 $29,684,448 FY2042 $103,204,259 $129,979,644 $2,310,743 $1,570,154 $3,880,897 $3,676,365 $1,684,838 $64,008 $1,991,528 $31,021,079 $0 $1,991,528 $31,675,976 FY2043 $105,268,344 $132,579,237 $2,356,958 $1,601,557 $3,958,515 $3,753,983 $675,840 $65,288 $3,078,143 $34,099,222 $0 $3,078,143 $34,754,119 TOTALS $2,417,496,592 $3,037,286,999 $54,127,749 $36,690,427 $90,818,176 $84,273,152 $50,128,730 $654,897 BASE YEAR VALUE ASSUMES SUBDIVISION IN PLACE FOR FY 2011 RESIDENTIAL & COMMERCIAL SPLIT BASED UPON PROPOSED DEVELOPMENT PRESENTED BY FRIT TAXES ARE BASED UPON AVERAGE RATES FROM FY 1989 THRU FY 2011, $22.39 COMM. & $12.08 RES. PROPOSED VALUE FY 2012 INCLUDES ROADWAY IMPROVEMENTS TO ASSEMBLY SQUARE DRIVE COMPLETED AS OF 6/30/2012 PROPOSED VALUE FOR FY 2013 IS AT 25% BUILDING COMPLETION, FY 2014 AT 75% AND REMAINING AT 100% PROPOSED VALUES FY 2013 THRU FY 2043 INCLUDE A 2% INCREASE PER YEAR BASED UPON VALUATION CHANGES SINCE FY 1989 CAPTURED INCREMENT IS THE TOTAL TAX GENERATED FOR EACH FISCAL YEAR MINUS BASE YEAR TAX AT6% 51,512,600 1,383,870 AT5.5% 49,187,325 -941,405

Attachment 4: Assembly Row Sources & Uses Matrix

ASSEMBLY ROW DEVELOPMENT BUDGET Complete Not Complete ARRA GDI I Cubed Tranche 2 Somerville DIF SAFE TEA-LU (federal) CMAQ (state/MPO) Multi-Modal (state/MPO) FRIT Other State/Federal Remaining Funding Required MBTA ORANGE LINE STATION Subtotal - MBTA Station Design & Construction 50,000,000 $ 3,700,000 $ 46,300,000 $ - $ - $ - $ - $ - $ 1,900,000 $ 10,000,000 $ 5,000,000 $ 15,000,000 $ 18,100,000 $ - $ ASSEMBLY SQUARE DRIVE & OFF-SITE INFRASTRUCTURE ASQ Drive, Off-Site Intersections (stimulus) Subtotal - ASQ Drive (stimulus) 12,000,000 $ 12,000,000 $ - $ 12,000,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ ASQ Drive, Off-Site Intersections (non-stimulus) Environmental 4,658,440 $ 4,658,440 $ - $ - $ 860,176 $ 1,978,677 $ - $ 1,819,587 $ - $ - $ - $ - $ - $ - $ Cranshaw 6,834,794 $ 6,834,794 $ - $ - $ 151,279 $ 6,525,446 $ - $ 158,069 $ - $ - $ - $ - $ - $ - $ MassDOT - non-participating 1,915,387 $ 1,915,387 $ - $ - $ - $ - $ - $ 1,915,387 $ - $ - $ - $ - $ - $ - $ Right of Way 9,955,409 $ 9,955,409 $ - $ - $ - $ - $ - $ 8,106,957 $ - $ - $ - $ - $ - $ 1,848,452 $ Subtotal - ASQ Drive (non-stimulus) 23,364,030 $ 23,364,030 $ - $ - $ 1,011,455 $ 8,504,123 $ - $ 12,000,000 $ - $ - $ - $ - $ - $ - $ Private Utilities - ASQ Drive Electric (NSTAR) 905,844 $ 905,844 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 905,844 $ Natural Gas 2,750,000 $ 2,750,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 2,750,000 $ MassDOT - non-participating 46,000 $ 46,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 46,000 $ Telecommunications 400,000 $ 400,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 400,000 $ Subtotal - Private Utilities - ASQ Drive 4,101,844 $ 4,101,844 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,101,844 $ Public Utilities - Stormwater Outfall Stormwater Outfall Pipe 2,650,419 $ - $ 2,650,419 $ - $ - $ - $ 2,650,419 $ - $ - $ - $ - $ - $ - $ Stormwater Outfall Pipe - soft, PM, ins., cont. 927,647 $ - $ 927,647 $ - $ - $ - $ 349,581 $ - $ - $ - $ - $ - $ 578,066 $ Subtotal - Stormwater Outfall Pipe 3,578,066 $ - $ 3,578,066 $ - $ - $ - $ 3,000,000 $ - $ - $ - $ - $ - $ - $ Public Utilities - Sewer I&I Sewer I & I 2,600,000 $ - $ 2,600,000 $ - $ - $ - $ 2,600,000 $ - $ - $ - $ - $ - $ - $ - $ Sewer I & I - soft, PM, ins., cont. 910,000 $ - $ 910,000 $ - $ - $ - $ 910,000 $ - $ - $ - $ - $ - $ - $ - $ Subtotal - Sewer I&I 3,510,000 $ - $ 3,510,000 $ - $ - $ - $ 3,510,000 $ - $ - $ - $ - $ - $ - $ - $ Park, Pedestrian & Bicycle Improvements Mystic River Park 2,000,000 $ - $ 2,000,000 $ - $ - $ - $ 2,000,000 $ - $ - $ - $ - $ - $ - $ - $ Fellsway Pedestrian Underpass 1,000,000 $ - $ 1,000,000 $ - $ - $ - $ 1,000,000 $ - $ - $ - $ - $ - $ - $ - $ Subtotal Park, Pedestrian & Bicycle Improvements 3,000,000 $ - $ 3,000,000 $ - $ - $ - $ 3,000,000 $ - $ - $ - $ - $ - $ - $ - $ Soft Costs, Project Management, Ins., Contingency, Etc. Subtotal - Soft Costs, PM, Ins., Cont., Etc. 12,114,680 $ 6,413,001 $ 5,701,679 $ - $ 988,545 $ 1,510,446 $ 9,615,689 $ - $ - $ - $ - $ - $ - $ - $ Subtotal Off-Site Infrastructure 61,668,620 $ 45,878,875 $ 15,789,745 $ 12,000,000 $ 2,000,000 $ 10,014,569 $ 16,125,689 $ 15,000,000 $ - $ - $ - $ - $ - $ 6,528,362 $ MIXED-USE INFRASTRUCTURE Mixed-Use Infrastructure & Public Utilities Roadways, Sidewalks, Etc. 8,337,050 $ - $ 8,337,050 $ - $ - $ - $ 763,567 $ 7,573,483 $ - $ - $ - $ - $ - $ - $ Environmental 1,021,515 $ - $ 1,021,515 $ - $ - $ - $ 1,021,515 $ - $ - $ - $ - $ - $ - $ - $ Landscaping & Irrigation 374,472 $ - $ 374,472 $ - $ - $ - $ 374,472 $ - $ - $ - $ - $ - $ - $ - $ Site Furnishings 414,698 $ - $ 414,698 $ - $ - $ - $ 414,698 $ - $ - $ - $ - $ - $ - $ - $ Lighting 1,477,037 $ - $ 1,477,037 $ - $ - $ - $ 1,477,037 $ - $ - $ - $ - $ - $ - $ - $ Water 1,100,000 $ - $ 1,100,000 $ - $ - $ - $ 1,100,000 $ - $ - $ - $ - $ - $ - $ - $ Stormwater Drainage 1,972,113 $ - $ 1,972,113 $ - $ - $ - $ 1,972,113 $ - $ - $ - $ - $ - $ - $ - $ Sewer 386,009 $ - $ 386,009 $ - $ - $ - $ 386,009 $ - $ - $ - $ - $ - $ - $ - $ Right of Way 5,511,768 $ - $ 5,511,768 $ - $ - $ - $ 5,511,768 $ - $ - $ - $ - $ - $ - $ - $ Subtotal Mixed-Use Infrastructure 20,594,662 $ - $ 20,594,662 $ - $ - $ - $ 13,021,179 $ 10,000,000 $ - $ - $ - $ - $ - $ - $ Private Utilities - Mixed-Use Electric (NSTAR) 1,600,000 $ - $ 1,600,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,600,000 $ Natural Gas 1,612,680 $ - $ 1,612,680 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,612,680 $ Telecommunications 944,718 $ - $ 944,718 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 944,718 $ Subtotal - Private Utilities - ASQ Drive 4,157,398 $ - $ 4,157,398 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 4,157,398 $ Park, Pedestrian & Bicycle Improvements Assembly Square Park 2,000,000 $ - $ 2,000,000 $ - $ - $ - $ 2,000,000 $ - $ - $ - $ - $ - $ - $ - $ Riverfront Plaza 500,000 $ - $ 500,000 $ - $ - $ - $ 500,000 $ - $ - $ - $ - $ - $ - $ - $ Subtotal Park, Pedestrian & Bicycle Improvements 2,500,000 $ - $ 2,500,000 $ - $ - $ - $ 2,500,000 $ - $ - $ - $ - $ - $ - $ - $ Soft Costs, Project Management, Ins., Contingency, Etc. Subtotal - Soft Costs, PM, Ins., Cont., Etc. 8,083,132 $ 2,137,667 $ 5,945,465 $ - $ - $ - $ 8,083,132 $ - $ - $ - $ - $ - $ - $ - $ Subtotal Mixed-Use Infrastructure 35,335,191 $ 2,137,667 $ 33,197,524 $ - $ - $ - $ 23,604,311 $ 10,000,000 $ - $ - $ - $ - $ - $ 4,157,398 $ PRIVATE DEVELOPMENT COSTS Land 28,649,771 $ 28,649,771 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 28,649,771 $ Predevelopment Costs 17,577,722 $ 15,989,471 $ 1,588,251 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 17,577,722 $ Soft Costs, Project Management, Marketing, Contingency, Etc. 22,364,161 $ 6,283,410 $ 16,080,751 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 22,364,161 $ Interest Carry 31,800,000 $ 8,336,781 $ 23,463,219 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 31,800,000 $ Subtotal Private Development Costs 100,391,654 $ 59,259,433 $ 41,132,221 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 100,391,654 $ TOTAL DEVELOPMENT COST 247,395,465 $ 110,975,974 $ 136,419,491 $ 12,000,000 $ 2,000,000 $ 10,014,569 $ 39,730,000 $ 25,000,000 $ 1,900,000 $ 10,000,000 $ 5,000,000 $ 15,000,000 $ 18,100,000 $ 111,077,414 $ TOTAL BUDGET Status of Spending/Commitments Sources and Uses I-Cubed Tranche 1 DRAFT March 10, 2011 - Inputs Subject to Change